Companies

Spent ₹10,000 cr on capex in FY19: Vedanta

PTI New Delhi | Updated on July 11, 2019 Published on July 11, 2019

File Photo of Navin Agarwal, Chairman, Vedanta Limited.   -  PTI

Stating that its growth plans will see it becoming the world’s largest zinc producer and among the top three silver producers, mining giant Vedanta Ltd on Thursday said it spent around ₹10,000 crore in FY’19 on capital expenditure programmes.

“As India’s largest private sector oil and gas producer, your company aims to double its current contribution of 27 per cent of nation’s production,” the company’s Chairman Navin Agarwal said at its Annual General Meeting (AGM). India currently imports around 80 per cent of its oil and gas requirements, amounting to USD 150 billion, he said. “We are the largest primary producer of aluminium in the country. Our plans will see us produce three million tonnes of integrated aluminium, an increase of 50 per cent,” he added.

Looking at the medium term, Agarwal said Vedanta’s plans include a total capital investment of ₹55,000 crore to increase production by about 50 per cent across its businesses which the company expects to fund from internal cash flows.

The mega targets set in the Union Budget 2019-20 for investment in infrastructure sector at ₹100 lakh crore over the next five years will lead to urbanisation and industrialisation in the country, generating significant demand for natural resources, he said. India currently has a resources’ import bill of USD 465 billion, Agarwal added.

The stocks of Vedanta were trading 1.91 per cent higher at ₹163.05 in the BSE index Sensex.

Published on July 11, 2019
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